Reflecting on the UK’s unique offer 

The UK’s cyber security sector and what it has to offer

The United Kingdom is home to the largest, most concentrated, and most accessible cyber security market in Europe. Spread out across the country, the sector consists of over 1,800 firms employing more than 50,000 full time workers.  

It is a sector that continues to go from strength to strength, with the latest analysis from the Department for Digital, Culture, Media and Sport (DCMS) showing that the annual cyber security revenue within the sector was estimated at almost £10.1billion - up 14% on the previous annual study. 2021 was also a record year for external investment with over £1billion raised by firms across the UK.

What is the UK government doing to support the cybersecurity sector?

Earlier this year, the National Cyber Strategy 2022 outlined the government’s ambitious plans and priorities for cyber security. These include building resilience by ensuring a “whole of society approach” to cyber, continuing to develop an innovative, prosperous digital economy and increasing the future cyber workforce through skills and training initiatives to meet growing demand. Aims such as these have been backed by £2.6billion of signposted investment for 2022-2030.

The UK cyber security sector is also supported to grow and scale up through government backed schemes including the CyberFirst bursary schemes, the London Office for Rapid Cyber security Advancement (LORCA), and the Cyber Runway programme.

It is unsurprising then that London and the UK are ranked as having one of the strongest government-led cyber security frameworks worldwide. Moreover, according to the latest ITU Global Cybersecurity Index, the UK further improved its cyber security initiatives across legal, technical, and organisational areas, as well as building capacity and cooperation. Only the US has a stronger cyber security offering, albeit marginally.

What is the role of the City of London Police?

As the National Police Chiefs’ Council lead for cybercrime in the UK, the City of London Police have a unique insight into the cyber-security challenges that businesses face on a day-to-day basis as well as information on emerging cyber threats.

This expertise has been translated into a range of initiatives to protect organisations across the Square Mile and beyond. These include Cyber Griffin, a free, award winning programme offering tailored services to protect businesses of all sizes against cybercrime. Similarly, the Police Cyber Alarm – a free Home Office funded software - detects and provides reports of suspicious activity to enable organisations to identify and mitigate cyber risks.

The City of London Police also plays an integral role in the Cyber Resilience Centre for London, one of nine Regional Centres across the country. These are supported by the National Cyber Resilience Centre Group (hosted by the City of London Corporation), which recruits organisations from the private sector to be National Ambassadors and share their commercial expertise and reach. This valuable nationwide network provides joined up intelligence to help safeguard SMEs, contributing to a safe business environment to launch and grow a business.

How is the City of London Corporation engaged on cyber?

The City of London Corporation is dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. The cyber security sector is integral to this vision, protecting the UK’s advanced and interconnected business ecosystem which remains so attractive to firms.

Earlier this year, the City Corporation launched the Cyber Innovation Challenge, a new project in partnership with Microsoft. The Challenge aimed to increase collaboration between technology companies and the financial and professional services (FPS) sector by developing solutions to assess and actively monitor cyber security risks across the supply chain whilst also highlighting steps that can be taken to respond to any emerging threats. 

Over six weeks, tech companies including Risk Ledger, Orpheus Cyber and CyNation and FPS members Hiscox, and Nationwide collaborated with the likes of the City of London Police, UK Finance, Department for International Trade, and London & Partners to address cyber supply chain risk. Feedback from participants confirmed that tech companies involvement in the Challenge had accelerated product development to meet this use case.

Following this positive feedback, the City Corporation is excited for the next round of the Cyber Innovation Challenge which will be delivered in collaboration with the City of London Police and once again aim to produce innovative solutions, enabling the cyber and FPS sectors to reach their full potential.

To conclude

The UK’s diverse and accomplished cyber security sector continues to flourish. With the support of government and the City of London Corporation, as well as expertise from the City of London Police, the cyber security sector remains critical to mitigate to mitigate the risks of an increasingly digital world and safeguard enterprises to ensure the UK remains attractive to the opportunities of investment and innovation.